Media interview + Ireland | The Guardianhttp://www.theguardian.com/media/series/media-interview+world/ireland
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Dan Sabbagh interviews Gavin O'Reilly, CEO of Independent News and Mediahttp://www.theguardian.com/media/2011/may/30/interview-gavin-oreilly-independent-media
Interview: Gavin O'Reilly on debt, selloffs and survival at Independent News and Media<p>Gavin O'Reilly may hail from Sir Anthony O'Reilly's clan, but the last couple of years have not been easy. The Independent News &amp; Media his father ran for 36 years was handed over to Gavin (one of his brood of six) just as the group descended into near-bankruptcy. Unable to pay off a €200m (&pound;173m) bond, Independent – Ireland's largest newspaper group – was forced into a dismal restructuring that saw its shareholders take a hit while a string of assets had to be sold off, including the Independent in London, sold to oligarch Alexander Lebedev for a token &pound;1.</p><p>The result was that Sir Anthony's controlling 29% stake was more than halved – as was a similar-sized holding belonging to controversial entrepreneur Denis O'Brien, who had lost €0.5bn on his investment. That, though, was not all – as the corporate rescue unfolded, the Irish economy hit the buffers – leaving the new company to contend with a new financial landscape in its home territory. Meanwhile, in the wings there remains a surly O'Brien, rebuilding his stake, launching complaints about fellow board members – and a new player, Dermot Desmond, who has latterly come on to the share register. Add it all up – recessions, egos – and there's plenty for Gavin O'Reilly to contend with.</p> <a href="http://www.theguardian.com/media/2011/may/30/interview-gavin-oreilly-independent-media">Continue reading...</a>Gavin O'ReillyIndependent News & MediaNewspapersAdvertisingAlexander LebedevMediaIrelandMon, 30 May 2011 06:00:10 GMThttp://www.theguardian.com/media/2011/may/30/interview-gavin-oreilly-independent-mediaJosep Lago/AFP/Getty ImagesGroup chief executive officer of Independent News and Media Gavin O'Reilly. Photograph: Josep Lago/AFP/Getty ImagesJosep Lago/AFP/Getty ImagesGroup chief executive officer of Independent News and Media Gavin O'Reilly. Photograph: Josep Lago/AFP/Getty ImagesDan Sabbagh2011-05-30T06:00:10Z